Key Points
- PayPal allows crypto trading for US Business accounts.
- Also, US merchants can externally transfer crypto on-chain to third-party eligible wallets.
In an official press release, PayPal announced that it enables new functionalities for US merchants.
PayPal Business Accounts will be able to buy, hold, and sell crypto. However, according to their notes, this new functionality will not be available in New York at launch.
The latest move made by the financial giant shows increased support for crypto adoption by bringing the ability to hold and trade crypto to millions of US merchants.
Increasing Crypto Utility
Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal, stated that since they launched the ability for PayPal and Venmo consumers to buy, sell, and hold crypto in their wallets, they have learned a lot about who people also plan on spending their coins.
He continued and said that business owners have increasingly expressed a desire for the same crypto functionalities that are already available to consumers.
PayPal is reportedly happy to meet this demand by delivering its latest offering, empowering users to engage with crypto effortlessly.
External On-Chain Crypto Transfers
According to the official announcement, PayPal is also enabling US merchants to externally transfer crypto on-chain to third-party eligible wallets.
This means that from now on, PayPal business account holders can send and receive supported digital assets to and from external blockchain addresses.
PayPal’s latest announcement is another testament to its efforts to increase crypto use and adoption.
PayPal’s Key Crypto Milestones
Here are PayPal’s key milestones in their crypto trajectory so far:
- Back in 2020, PayPal announced the availability of the option for customers to buy, hold, and sell crypto straight from their PayPal and Venmo accounts.
- In 2023, PayPal announced the launch of a US dollar-denominated stablecoin PayPal USD (PYUSD).
- In 2024, PayPal enabled PYUSD as a funding instrument for the Xoom platform (a global transfer service), allowing users to pay zero transaction fees when using PYUSD for transfers abroad.
- This year, PYUSD became available on the Solana blockchain, offering users the ability to choose between a vast palette of blockchains for more flexibility and control.
PayPal USD (PYUSD) is issued by Paxos Trust Company. Paxos and its products including the expansion to new blockchains are licensed to engage in Virtual Currency Business Activity by the New York State Dept. of Financial Services.
